Hello traders!
Today’s chart update will be on BTCUSD which is testing its neckline in this inverse head and shoulders pattern that is coming to fruition.
BTC needs to put in another higher low to establish a confirmed trend change
Points to consider,
- Trend Bullish – Testing key levels
- Major Resistance being tested
- EMA’s turned support
- Stochastics projected upwards
- RSI broke resistance
- Volume needs to sustain
BTC has changed its trend from local lows by putting in a new higher low as it tests its neckline. The neckline is currently a major resistance that needs to break for a confirmation of the inverse head and shoulders.
EMA’s are turning support on daily, very bullish as signals buyers are gaining momentum. The stochastics is currently in upper regions, can trade here for an extended period of time, however lots of stored momentum to the downside.
RSI broke its resistance; a retest is probable to confirm an S/R flip which is at neutral levels. Volume needs to increase and hold above average to allow bulls to maintain momentum.
Overall, in my opinion, BTC needs to break its neckline convincingly. The trend also needs to put in another higher low which will overall establish a strong trend change.
What are your thoughts?
Please leave a like and comment,
And remember,
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”Warren Buffett
Today’s chart update will be on BTCUSD which is testing its neckline in this inverse head and shoulders pattern that is coming to fruition.
BTC needs to put in another higher low to establish a confirmed trend change
Points to consider,
- Trend Bullish – Testing key levels
- Major Resistance being tested
- EMA’s turned support
- Stochastics projected upwards
- RSI broke resistance
- Volume needs to sustain
BTC has changed its trend from local lows by putting in a new higher low as it tests its neckline. The neckline is currently a major resistance that needs to break for a confirmation of the inverse head and shoulders.
EMA’s are turning support on daily, very bullish as signals buyers are gaining momentum. The stochastics is currently in upper regions, can trade here for an extended period of time, however lots of stored momentum to the downside.
RSI broke its resistance; a retest is probable to confirm an S/R flip which is at neutral levels. Volume needs to increase and hold above average to allow bulls to maintain momentum.
Overall, in my opinion, BTC needs to break its neckline convincingly. The trend also needs to put in another higher low which will overall establish a strong trend change.
What are your thoughts?
Please leave a like and comment,
And remember,
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”Warren Buffett
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.